Income from real estate business
Vignesh Krishnan (Article Assistant) (106 Points)
04 January 2016Vignesh Krishnan (Article Assistant) (106 Points)
04 January 2016
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 04 January 2016
IN REAL ESTATES flats are maintained as STOCK IN TRADE .
therefore its is a business income.
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 04 January 2016
If the income is on sale of assets it has to be trated as Income from Business or Profession, But if Income is on account of rent which are in Stock-in-Trade, then such rental income has to be treated under Income from House Property.(CASE LAW: Azimganj Estate (P) Ltd vs CIT(2013))